tv Your World With Neil Cavuto FOX News March 4, 2011 4:00pm-5:00pm EST
welcome, everyone, i am neil cavuto at fox on top of job news. not over the top but over the worse, 8.9 percent. only if this environment could that indicate this economy is working and only if this environment can a pickup of 192,000 jobs seem robust but the administration is right to crow about this: the trend so far is their friend and the white house officials not missing a moment of opportunity to tell their friends, and they are not friendly including the republicans who feel all this pickup in jobs started when they began picking up in the polls and picking up the seats last fall. that was then and this is now and one guy in charge he is taking charge and today taking credit. and oregon democratic congressman says he should take credit and that republicans should be taken to task for crying to cut the spending that created the boom we are enjoying. now, you as a blue dog democrat cut sort of a moderate middle
path on growth so you were leery of the aggressive spending and you say it is a mistake to pull in the spending. why? >>guest: we need balance. i like a lot of top economists and the federal reserve chair are worried about cutting back too much, too fast, but it is clear americans want and i think the nation needs to get spending under control so we are trying to hit that middle spot as blue dog. >>neil: you don't have to worry about cutting too much. but in a mull try trillion dollar economy the most extreme numbers i have heard, if you get up to $60 billion, chump change, right? >>guest: but $60 billion, it depends where you cut. no one wants to cut led start or pell. >>neil: does anyone believe in cutting anything? >>guest: we cut $4 billion the last two weeks programs that should have been terminated a
long time ago. >>neil: congressman, that is like a rounding error. >>guest: part of it is showing the business community we are serious. as blue cogs we try to get into the discussion and see if we can work with the republican colleagues and attack the big issues. >>neil: you tried to get your party on board and you took the administration to task on not picking up recommendations from its debt commission and they seem to be, the recommendations collecting dust. for now, you are disappointed the recommendations are not taken. >>guest: as a package the recommendations are go. they have gotten good reviews by economists. on the left we understand you cannot have great programs for education, health care and public safety unless the debt is
under control the on the right it is clear business communities waiting to make investments and $2 trillion is sitting on the side lines and they want to know the united states can live in its means and cut become. >>neil: do you think the pickup in jobs we have seen is a result of stimulus? >>guest: i think it is a big part of it. the economy is slowly recovering but talking to men and women in the private sector, whether they are working on the roads or in private business, the recovery money kept them alive and the infrastructure being built will pay dividended for our kids and grandchilds. >>neil: thank you very were. mike huckabee says not so fast, more spending is the surest way to torpedo the job surge and he has a new book out. you see it simply, this is the
sure way that will not change. >>governor huckabee: the last package $862 billion and each job cost us about $228,000. and that is a fairly honest and conservative estimate. most of the people --. >>neil: but it is a cycle. >>governor huckabee: there is a study that says the actual unemployment rate is 10.3 percent based on their surveys. now, the question is, how many people have given up looking for work? sometimes the unemployment rate tends to go down but it is not because people have gone to work but they have given up and do not report. i am not saying that is what this is because i don't but there is a discrepancy between what gallup is reporting saying we have an uptick based on surveys rather than people coming to fill out the paperwork. >>neil: but the notion that
stimulus led to the improvements, spending and my view is and we have chatted about this, between $1 trillion spent on the rescues and record low interest rates and leverage, but if something does not stick we have serious issues so some things are sticking. now, they are going to use this in the future to say, well, this is the answer, you just spend, spend, spend. what is the lesson? >>guest: the lesson is the stimulus did not work. the lesson is that what is happening is that buyer demand, and necessity of building things and manufacturing that did not go constructive for a while, has finally started to seep back into the economy. it is ridiculous to say a year and a half ago we spend $1 trillion and now we see it come about we were told we with never have unemployment above 8 percent if we pass this. i think most of us do not even
comprehend the numbers here. and one thing that i try to do and my book was to show a picture of $1 trillion and $1 billion and $1 million and people are shocked when they hear the government throwing out these terms. if you stock $100 bills all together it would fill a warehouse to get to $1 trillion. a you haul trailer is $1 billion and $1 million could be put in the trunk of your car so when you think of the stunning amount of money that we have spent to create jobs and spent $228,000, most people would rather safe give me a check for $228,000 and i will create something. >>neil: but this is all numbers, governor, in the end and everyone says back to the ronald reagan thing with jimmy carter are you better off now than you were a year ago. the unemployment rate with this
president is still higher than when he took office but he is narrowing that gap. and i want to show you how this plays out maybe in the next presidential election. do we have this? well, this is a misnomer because 8.2 percent in february of 2009 and the president took office in january when the unemployment rate was high 7's but he is narrowing the gap and i wonder whether people will then give him credit, say, it gets down into the 7's and say we are on way. >>guest: he will take it and he should. whether it is true or not, that is what politicians get to do. if it were tanking i guarantee the republicans would be blaming him for it so i understand how that part of politics works. and it would be appropriate for him to say, it was here, now it's here, and you can thank me. but, whether it is true, that is immaterial. you are blamed for the things
that go wrong and you might as well take credit for things that go right. >>neil: but if he has to offset that with inflation getting higher and we get back to the misery index where you could have progress on unemployment front but then in the so on the price front. >>governor huckabee: the issue is settled not by the president or anyone else talking about what they have done but go in the streets of america and ask people, are you living better today than a year ago? do you think you are living better than your parents? do you thing your kids will be livering better than you? are putting machine -- money aside? if people do not have jobs, whatever the unemployment figure is, if they are underemployed or unemployed, they are not going to be happy catchers. >>neil: governor, thank you very much. in the meantime the economy is growing, and the head of the
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is tied to the economy, and if the economy improves, banks will continue to recover and this makes them stronger. hopefully, we have been disappointed by the low volume in the last, rather, the loan volume and we hoped it would pick up. >>neil: why is that? >>guest: some banks have been risk averse and there is not a lot of demand, either, but a lot of economic recovery is expectation, people take confidence in the new unemployment numbers and borrowers will be willing to commit to equipment and expansion. >>neil: it is interesting, in the end it is psychological. >>guest: it is. >>neil: we talk about this during the break does it take the heat off the banks to do the big things, structural things they have to do so we are not facing another potential problem? >>guest: absolutely not. this is where regulators need to maintain resolve to make sure there are structural changes so we do not have the risk taking
we got into with large institutions that get into trouble so the taxpayers do not have to come in and the improving economy makes it easier for us to continue the structural changes because they are in a financial situation to withstand it and absorb the types of reform. >>neil: and housing, you have to watch that and how to keep people in their home. obviously, if more jobs are out there and more jobs are relied they are more likely to stay in the home. so, that is, talk about wind at your back. how sustainable is that? >>guest: well, i don't know. i hope it is sustainable. i think congress needs to get our fiscal house in order and they do not have to have draconian cuts but they need a downpayment and a plan to get our fiscal house in order again. that is important. >>neil: i don't see much of that. >>guest: i know. >>neil: they are bragging
about progress but just chipping away. a blue dog democrat's argument was, well, too much cutting we hurt the economy. and bernanke has echoed this. what is too much? >>guest: it can be phased in. but there are a lot of questions about our fiscal strength, and we rely on foreign investors to buy our debt, and if they start losing confidence in our system, that could cause problems with interest rate and that could undermine the substantial system and get us back into problems with credit being provided to support the economy. and you are right the tough decision on entitlements and tax code, this needs to be tackled. >>neil: and i blame both sides, neither party has embraced those recommendations. not that they are all perfect but there are darn go ones and we are, they have fancy leather bound book with the
recommendations. >>guest: i hope you are wrong. it is our job as financial regulators to speak to the problem and the sense of the impact on the interest rate environment, which, again, could hurt the economic recovery so they are related. if interest rates spike up, because, more investors don't want to buy our debt or demand a significant risk premium. >>neil: what about inflation? >>guest: that can do it, too. i don't see it at this point but having a good, solid, fiscally responsible, long-term plan to get the debt and deficit down, that is very important to tempering inflation expectations and people do not think that we are getting our fiscal house in order the fed will keep, you know, a relaxed monetary policy and that --. >>neil: is it overly relaxed? we should have been hiking interest rates earlier? painful as it is, that it will
get us big time. >>guest: i have a lot of respect for bernanke and this is in capable hands but what they do will feed into expectations later on and they do calibrate in their decision. >>neil: when you say inflationary expectation do you mean like the 1970's? >>guest: i hope no. it is a danger which is why regulators need to be aware of this in terms of having common sense standards on credit extensions. so we did not get the credit induced bubbles we saw before. >>neil: do you see that happening? >>guest: it could happen again. the system is awash with cash. and there is a lot of money looking for return. fortunately, i think and i hope the credit losses we experienced from bad loans are fresh in the memory of investors and regulators so we have learned our lesson and will not fall into that trap. >>neil: we always repeat.
>>guest: it has been so recent, though. the regulators are still very focused on credit risk. but we need to focus on interest rate risk and that is tied with what congress and the administration does. >>neil: you don't see hyper inflation situation? >>guest: no, no, no. this would be very --. >>neil: in the housing environment, job gains notwithstanding, where do you see that going? >>guest: that is a big question mark for the economy. the good news is the delinquencies are slowing and with the improved job picture that will slow delinquencies. >>neil: are they slowing because it is a nightmare dealing with it? >>guest: the number of loans that are falling behind for .75 they have been slowing so that is positive but on the back end, the foreclosures are backing up and if some states it is typical for a year and a half or two years to complete a foreclosure and there are a lot of different reasons for that, and i think that the biggest problem is that
service people have not put in enough resources to service the staff into quality control to make sure this is done efficiently and they determine if the borrowers qualify for modification and if not, explain why and taking the loan to the repossession of property which is a necessary part of a functioning housing market. >>neil: will we return to housing being something you have to work for, or if you have a pulse you get one. >>guest: we don't went that. something about homeownership that is helpful, and people take pride in their home and i have seen homeownership rehabilitate a lot of neighborhoods, but, clearly, there is a lot that goes into buying a house, a lot of financial responsibility. a huge financial commitment so requiring people to save for a few years for a downpayment before they buy, that is appropriate. and one new innovation a lot of people talk about for lower income neighborhoods is rent to own so that you have a
representsal situation for a few years and folks can build up a credit history. build up a counsel payment and then move into a mortgage which could make sense for a lot of folks. >>neil: thank you very much, head of the fdic. she foresaw the meltdown and the risks before anyone else. that was then. and the good news on jobs but bad news at the gas pump and we are kind of in between. [ male announcer ] it's simple physics...
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to hike their fares and now a higher security fee for all passengers. and now, my guest says that is nuts. but, here we go, right? >>guest: the consumer or i call them suckers, the nickel and diming of them continues. the government has been trying to raise fees for the last nine years and it has been knocked down and suddenly, here is an excuse because we need to have baggage costs taken care of. i am not buying it. i fly a lot and they have never added more compartments, but it is an excuse to take more money. >>neil: but they are saying it is more carry on things taken on the plane and that is is complicating the schedule. >>guest: you cannot add compartments and when i have been on a plane it is always full. so i am not really boying it. and, also, how much do you want
from the consumer? they have handed over to the airline in 2010, $3.5 to $4 billion for checked baggage. so, my question: where does it end? how much more money do you want to take? when the consumer is crushed with higher oil prices, higher airline prices. >>neil: but you never listen to me, but you could just save a lot of time and money. but, anyway, what about what is happening now with all of the added on fees. we have talked about this, this inflation threat is real. that is not imagined. and whatever progress we are making on jobs will be stopped if we have a big inflation? >>guest: bernanke says there is no inflation and everything is fine. nation is a major tax to the
consumer and to business. and it is a major head wind to the economy if it is out of hand. i'm a big believer that you see the price of commodities, you ain't seening for yet. why? because the fed is sitting there doing nothing with the insane easy money policy. even china and other countries have been talking about the fed for what they are doing. >>neil: would you do? hike rates now? >>guest: i would hike rates, the fed funds should be at 2 percent. >>neil: that is the overnight banking right and you would bring that up two full points? >>guest: yes. but do something. you would be showing the world you actually do care about fighting inflation. right now no one believes a word they are saying and if you look at a chart of the dollar our currency is worse than the mets' baseball team going forward so i am worried and in two years we will talk about much high are
interest rates to compensate. >>neil: well the season hasn't started yet for the mets and they all start at zero. and now, just the environment for stocks for average folks. you are saying, whatever opportunity are out there are short-lived. >>guest: if the commodity prices go higher, if costs of goes go higher, that eats into profits of corporations and it eats into the consumers' wallet, stock prices must go down based on those two overriding facts. hopefully, i'm wrong and hopefully commodity prices moderate and start coming back down but you see what happened this week. it is for real. >>neil: you are right. and now, thank you, gary. and he badgered and now the news for the state they are laying off cheese heads just like the
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if you experience swelling of the face, lips, throat or tongue, stop taking vesicare and get emergency help. tell your doctor right away if you have severe abdominal pain or become constipated for three or more days. vesicare may cause blurred vision, so use caution while driving or doing unsafe tasks. common side effects are dry mouth, constipation, and indigestion. ( woman ) you have better things to join than always a line for the bathroom. so, pipe up and ask your doctor today about taking care with vesicare. >>neil: hours away from wisconsin governor issuing lay off notices to state workers if the senate democrats do not return to the capital. they need one vote necessary to vote on the budget. my next guest is joining, wisconsin senate majority leader joining me. now, senator, just as i was reading that we have word now from a state senator, one of the
bolting 14, he says that statements made by the governor walker and you, suggesting a split among the 14 absent state senators is wrong. he said this, i checked into another hotel for the week, and that should tell you everything you need to know, we met this morning, there is in split, no split, all 14 still on the on o. >> he is playing his games, but if that is true where is there three or four democrat senators that have a meeting with the governor's people on a regular basis. i met with a couple of the senators and since then, there has been a smaller group that continues to break away from the pack. >>neil: but all the 14 are they still out-of-state? >>guest: well, i don't that. as a matter of fact, we had reports last night that one of
the senators showed up at home which i thought was pretty brave if that we had, now, executed an order which is similar to a warrant for his arrest or any other democrat senator that showed up in wisconsin. >>neil: so, you see him. you nab him in a patrol car. does he go to jail? >>guest: no, to the senate chamber part of the wisconsin senate statute that applies to the senate, that says that i have not only the responsibility but the ability, but ability to bring them back to the chamber. >>neil: what i am asking, what if a patrol man says i will take you to the senate and he says "i don't want to go." and he says you have to. but he doesn't want to go. >>guest: it is a warrant. a warrant. they would handle that situation like they would anyone else.
>>neil: then that means, i will go to jail. that is what a normal warrant would do. >>guest: well if you resisted, obviously, other things can happen. i would hope any state senator would not resist the request of an officer to return to the senate chamber. >>neil: so, for democrats who say this is an overreach and this is unconstitutional, your reply is what? >>guest: i am protecting the senate rules, and circuit court judge ruled earlier this week that we certainly have not, halved all our options to have the democrat senators run and we don't take this lightly. the republican senators all voted on a resolution to once again take another step to try and bring them back. >>neil: but no democrats vote, right? so that is why they are saying this is like a single attack here. if they don't come back,
senator, would you push to have them repoliced? >>guest: well, it's difficult to say because there are a number of recall elections going on throughout the state. but, this really comes down, i think, to pressure that should be applied by their own constituencies. literally, they have not been become to the capital in three weeks. they have missed numerous rollcalls on legislation and on appointment confirmation. it is really, i think, a question as to whether the legislature in wisconsin is actually functioning. we are there each day but there is no opposition to any bill we are passing and no debate, no amendments, and it comes down to, do we have a representative government? and i say at this point, no, we don't, not in wisconsin. >>neil: keep us posted. well, to new jersey, three union workers busted for calling out sick for attending a rally and officials say they have proof they were there and some were
caught on tape and my guest is ready to go after more, new jersey state senator, a republican. how many do you suspect they called in sick to protest? >>guest: it is difficult to think there was an epidemic in new jersey on friday. there were 14 or 17 people that called in sick, all at the same moment in time and of course, there was a corresponding big rally at the statehouse, right next to the governor's office, and, lo and behold, there is evidence that a few of people were, in fact, there, and so this is outrageous as the people around new jersey do not tolerate it and so, we think they ought to be fired. so, there is more data and more tapes and what not to look
through to see would was doing their job that day. who was protecting the public. who was serving the public and who decided to call in sick and go to the statehouse and carry on. >>neil: so, senator, by that i guess it is illegal in new jersey if you are a state worker to leave your job and call in sick and you are not sick and you show up at a rally are you fired? >>guest: well, it ought to be illegal. and i think these people ought to go. of course, this is very symbolic of the problem we have with public employees all around new jersey and, frankly, all around america, and it may serve to show us that we really need to change our civil service laws in new jersey, something that like mined members of the legislature are trying to do with governor christie because it may be that we can show that these folks
lied. didn't show up to work. went to this protest rally. and we can't fire them. so, that really in a nutshell shows us what is the problem here in new jersey and probably state capitals all around this country. >>neil: we will want closely. we tried to get the other side, part of the union movement to respond to this but no reply. >>guest: we dope want -- don't want to talk about it. >>neil: the white house is taking credit and the g.o.p. is taking shots at the white house. stay tuned.
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and the white house sell celebrating. and now, in a new book "win," it is all about just that, winning. good to see you, frank. great, great bok. you touch my word with the titans and my bosses. and, you talk about the strategy so i am looking at the president, at his strategy, and his approach, and winning approach? >> he is winning. and the danger for the republicans is machine mise what is happening. the membership in are more optimistic than three months ago with more hope and faith in the future and to say this is not significant, that would be a mistake. you have to be rooting for success for the country. and in a phrase that comes from to book, let's go to work, that's what the american people want to hear from their political leaders. not let's fight or take each other on, but solve the problems, get results, and go to work and get it done.
>>neil: but they don't. >>guest: they don't. that is the problem. >>neil: who suffers? >>guest: the president has an advantage because the economy is getting betternd his watch. the republicans may say, when we got elected this is new, and tax rates were in the going on go up and things would not get worse. but that is not enough. you have to give the president some credit for this. >>neil: you talk about having a single drive, i am paraphrasing, you mention our boss is murdoch and others, and it is all about that drive. but, a lot of the c.e.o.'s who have turned around operations or created prayings, they were doing so in easier times than what we are dealing with now, not that our bosses, they could -- how does that message go when you deal with the world in the
toilet? >>guest: it matters more. the reason why i say that, the c.e.o.'s were not being effective and the average worker has a way to be effective with their boss. no excuses. that is what we want to hear from our business leaders. and our political leaders. don't blame someone or something. get it done. real time. i have not talked about. we want things right now. we don't want to wait. if you do not give it to us we will fine someone who has. you decide. you should be in control. it's your life, your income, your future, your job, all about you. you decide. that is freedom. empowerment. and if you remember only one thing: we give out so much information in one hour program or in a book if you remember one thing the phrase that
crystallizing everything, you, too, should buy "win." >>neil: so this works for you. what i got from the book and reading all the articles on how close you are to folks like murdoch how did you get to the point where they are all on speed dial? >>guest: i work 16 or 18 hours a day and can you e-mail me at 3:30 or 4:00 a.m., and i am working whether a accept, a congressman, a global leader. >>neil: do you have to work this hard to win? what about kind of work, but do not work that hard? >>guest: all the people here, and there are 40 fortune 400 of the richest people interviewed for this and they all --. >>neil: but you included implus and he does not work that hard. >>guest: thing all have three things in common: they are not working, they love what they do. they do not take "no," for an answer, that is just today.
and when they suffer defeat, they come back again and again. so there are 15 principles of success of genuine winning and that is helpful. >>neil: do he have to radiate they like what they are doing and i am thinking of imus and i don't see it. he is not pleasant person. >>guest: i think that both of you --. >>neil: where did that come from? >>guest: both of you are on fox and all of us are winners for being on fox right now. it matters. >>neil: but i am just saying you have a few losers if there. kidding. kidding. kidding. >>guest: holy cow. i am not involved. >>neil: a very, very good book and it makes you think. is there double counting going on in the health care fund? republican think so. you decide.
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>>neil: so medicare, using this to save medicare? or using it to fund health care reform? which? >> both. >> sow are double counting. >>neil: and now the fall out after the secretary is being accused of double counting and gimmicks to fund the health care law. we will get an update from the secretary in a second but the republican congressman a member of the subcommittee.
congressman, you are in the buying the savings? you think they are half what she is saying? >>guest: well, i was sitting in front of another member when she made that remark and she said "both," that is telling. you cannot have it both ways. you can nod at to the trust fund and take the money at the same time and create a whole new entitlement program called "papa care." that is my latest pronunciation of obamacare, but, clearly, their own actuary last year said that, no, you are double counting if you do that and if you take the money out of medicare advantage, $123 billion. you cut that 14 percent a year over 10 years, and you gut that program that 11 million our seniors use to get medicare treatment, you cannot then take the money and use it to give
subsidies to young people that do not have health insurance because you are creating another program. >>neil: they say the opposite. and now from hhs, they say $500 million is not double counted but counted the same way it has for four presidents serving prior to this president and all congresses since 1981. >>guest: i think he is wrong. the actuary who last time i collected was still the actuary of medicare and medicaid, i think he got it right, and anyone, my goodness, level with the american people. be fair with the american people. do not like to them. >>neil: the savings we have been told are not there, and, now, what? where do we go from here? >>guest: unfunded liability of carry care program after 75 years is probably $35 trillion so we have big problems there.
with the medicare program and to gut it and take $500 billion out of it, it is estimated in 10 years, 15 percent of all hospitals will be nonprofit, and long-term, 40 percent, so to say nothing of the lack of access to primary doctors and physicians because you will cut them not only with that sustainable growth rate, but, also, the crazy new ipad, independent payment advisory board that will further gut the providers of health care. >>neil: thank you, congressman. what a mess. now, when we come back, libya. frozen assets.
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in assets to freeze, for a country that is laughing stock, that is serious pocket change. and all it's the way we viewed the laughing stock. when they went from the miner axis of evil to something else. and muammar khadafy's case, the payoff came in the form of blood money of pan am flight 103 victims. paying blood money doesn't make you less bloody or your reputation. khadafy and is clearly a bloody rogue but in this case a rogue with oil. which always meant we could push but not too hard. when the country revomits respond not too quickly just like we did with hosni mubarak in egypt. he had a lot of money and an american effort to keep the peace. here is thing about relying
people with a lot of money or to whom we give a lot of money. usually we just end up getting a lot of headaches. details of discovering the egyptian guy was polk tens of billions dollars and the libyan guy was paying a ransom of me, let's say under cavuto administration, it should be comical, things would be slightly different. i wouldn't pay any of these countries. there would be no more cash for contracts or not so few pennies for not so enduring peace. there would be no cash, not for it. because a country that is financially broke shouldn't dig a deeper hole snag is morally broke. i kind of think we are better than that. so why, why on earth should we pay a penny for this? people in washington say we need